The simple answer is no. The SSA is only funded at 1.2% of benefit outlays, which makes SSA far more efficient than private insurance carriers such as Liberty Mutual at 23.6% and Allstate at 19.4%.
Yes, I did the math. SSA is budgeted at about $15 billion per year for adjudication of claims. We probably all should take this into consideration when we are assessing the SSA’s performance.